The better use of the capital market will help vitalize private-sector enterprises and provide a boost to growth, according to a top official in Qingdao.

Wang Qingxian, Party secretary of Qingdao, delivered a speech at a training symposium for about 500 local entrepreneurs on Nov 13.

The symposium is to be a regular event in Qingdao and more than 10,000 entrepreneurs will take part in trainings on different topics.

The early-November symposium focused on how to use capital in terms of funds, personnel and experiences to boost growth in private companies.

Sheng Xitai, chairman of Aplus Group and founder of Aplus Capitals, led the first training session.

Based on his analysis of the entrepreneurial circle in Qingdao and their level of awareness of capital market operations, Party chief Wang said it is necessary for the entrepreneurs to become more familiar with the capital market.

"As a Chinese proverb says, 'a good craftsman should sharpen his tools before starting his job,' the capital market is one of the best tools to help entrepreneurs to succeed," Wang said.

"The training is aimed at helping entrepreneurs learn how to operate their businesses through the capital market and create a networking platform among entrepreneurs and capital investors," he added.

The official noted that the training sessions to follow will also be platforms for sharing best practices and inspiring ideas for development among entrepreneurs as well as acquiring the latest industry and market information.

The training symposium, organized by the city's Party committee and government, is an example of the local authorities' support for private enterprises.

On Nov 15, Wang attended an award ceremony for the city's top 100 private enterprises, calling the entrepreneurs "city partners of Qingdao".

"The private economy is an important part of Qingdao's strategy to develop into a pivotal city of China's deepening opening-up," Wang said.

This year, the government of Qingdao announced a number of measures in support of private businesses.

These include allowing private business to hold shares in the city's high-quality State-owned enterprises, reducing business taxes, offering financial assistance to leading companies and holding training sessions.

Wang said private businesses are among the most vital forces for Qingdao's growth and it is the responsibility of the local authorities to bring out the full potential of such enterprises.

"We offer the same treatment to all market players in Qingdao, whether they are SOEs or private business, and whether they are local or from outside Qingdao," Wang said.